Lots of Netplex News today. Wondered why we were up 20% yesterday. I hope it's worth it because I see more dilution here...
(COMTEX) B: (TMP.) Monster.com and Netplex's MyBizOffice Sign Agreeme
B: (TMP.) Monster.com and Netplex's MyBizOffice Sign Agreement for Two-Year
Co-Branding Relationship
MAYNARD, Mass., May 3, 2000 (BUSINESS WIRE) -- Monster.com, the leading global
online careers site and flagship brand of TMP Worldwide (NASDAQ: "TMPW"; ASX:
"TMP"), today announced a two-year relationship with The Netplex Group, Inc.
(NASDAQ: "NTPL"). The deal includes a co-branded service offering from Monster
Talent Market(SM) and Netplex's MyBizOffice(TM), a web-based "e-office" service
for the independent work force. This agreement will allow free agents,
contractors and independent professionals to find project opportunities through
Monster Talent Market, while maximizing the freedom and wealth potential of
their free agent status utilizing MyBizOffice. Under the terms of the agreement,
Netplex will pay Monster.com $5 million over the term and grant Monster.com's
parent company, TMP Worldwide, warrants to purchase 3 million shares of Netplex
common stock.
The deal reinforces Monster.com's commitment to the rapidly evolving free agent
workforce, enabling independent contractors to focus on their project work while
enjoying the benefits commonly associated with full-time employment. Employers
also benefit from the co-branded service, which eliminates the "headaches" often
associated with hiring independent contractors. MyBizOffice offers W-2 status
directly to independent contractors, eliminating the need for employers to
assume the responsibility of processing temporary employee tax forms, like the
1099.
Under the agreement, MyBizOffice will provide its comprehensive collection of
online administrative and business management services to independent
professionals to maximize their time and earning capabilities. Services offered
through this convenient, web-based "e-office" include: W-2 status, time sheet
collection and billing, liability insurance, online account management, expense
reimbursement, 401(K) and benefits administration, accounts receivable
management and customer collections, contract review and billing rate advice,
tax filings, profit sharing administration and credit union membership.
"Monster's relationship with MyBizOffice builds on our leadership and innovation
in this rapidly evolving free agent space that began with the launch of Monster
Talent Market last July," said Jeff Taylor, CEO of Monster.com. "By providing
free agents with additional choices, including MyBizOffice's online business
services and features, we are further strengthening our position as the career
operating system of choice."
Monster Talent Market (talentmarket.monster.com), the world's first online,
auction-style marketplace for free agents, is leveraging its leadership position
by providing a value-added service that benefits both the contractor and the
employer. Monster Talent Market continues to lead in this growing market space,
boasting more than 175,000 registered free agents, over 13,000 registered
employers, and 5,000-plus projects for contract talent.
"MyBizOffice is the result of 14 years of business services, contractor
advocacy, and first-hand understanding of the free agent market space," said
Netplex Chairman and CEO Gene Zaino. "Netplex shares Monster's commitment to
supporting individuals in their career development and, together with Monster,
we are committed to putting more power into the hands of free agents."
About Monster.com
Monster.com, headquartered in Maynard, Mass., is the leading global careers Web
site with over 15.2 million unique visits per month. Monster.com connects the
most progressive companies with the most qualified career-minded individuals,
offering innovative technology and superior services that give them more control
over the recruiting process. The Monster.com global network consists of local
content and language sites in the United States, United Kingdom, Australia,
Canada, the Netherlands, Belgium, New Zealand, Singapore, Hong Kong and France.
More information about Monster.com is available at www.monster.com or by calling
1-800-MONSTER. Monster.com is the flagship brand of the Interactive Division of
TMP Worldwide Inc.
About TMP Worldwide
Founded in 1967, TMP Worldwide Inc., now with more than 7,600 employees in 29
countries, is the online recruitment leader, the world's largest recruitment
advertising agency network, and one of the world's largest search and selection
agencies. TMP Worldwide Inc., headquartered in New York, is also the world's
largest Yellow Pages advertising agency and a provider of direct marketing
services. The company's clients include more than 90 of the Fortune 100 and more
than 480 of the Fortune 500 companies.
About MyBizOffice
MyBizOffice, the online service of Netplex's Contractor's Resources subsidiary,
is a Business Services Provider (BSP) designed to provide the financial
infrastructure, resources, and business services that help professionals build
careers as independent contractors. MyBizOffice serves as a "virtual corporate
office" (e-office) for its member contractors by providing the services of a
corporate administration staff - such as contract review, time sheet
administration, liability insurance, online account management, billing and
collections, health benefits, retirement plans, wealth-building financial
strategies, and tax administration - while helping them keep abreast of
developments that affect their independent life and work style.
About The Netplex Group, Inc.
The Netplex Group, Inc. (www.netplexgroup.com) creates e-business solutions that
combine industry-specific business strategies; interactive digital marketing;
user-centric applications and data systems; and secure, high-performance
Internet systems infrastructure. Netplex's complete spectrum of
"industrial-strength" e-solutions positions customers to confidently take
advantage of the new digital economy. MyBizOffice, Netplex, and the Netplex logo
are trademarks of The Netplex Group, Inc.
Special Note:
The above statements include forward-looking statements based on current
management expectations. Factors that could cause future results to differ from
these expectations include the following: risks associated with acquisitions,
competition and seasonality. Additional factors are described in the company's
reports filed with the Securities and Exchange Commission.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
CONTACT: Monster.com
Emily McKittrick
978-461-8715
emckittr@monster.com
or
The Weber Group
Alli Ross
617-520-7086
aross@webergroup.com
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